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Trading  | May 8, 2018

While unlike back in March, when the US Treasury had a record amount of Bills, Notes and Bonds for sale, the selling calendar has not been quite as busy, there is still a deluge of paper for sale over the next few days, and following the earlier 4-Week Bill auction, moments ago the US Treasury sold $31BN in 3Y Notes (more than the $30BN sold last month), the largest 3Y auction since August 2013, at a yield of 2.664%, the highest since May 2007 (when 3Y issuance was briefly suspended until Nov. 2008), for the second month in a row just barely tailing the When Issued by 0.1bps.

The internals were medicore, with a 2.76 Bid to Cover, below last month’s 2.85 and the 6 month auction average of 2.97.

Indirect bidders, i.e. foreign central banks, dipped again, down from 47.6% to 45.6%, the lowest since last Dec 2016, with Directs taking down 12.3%, above the 6MMA of 9.8% and the highest since July 2016, leaving Dealers with 42.2%, the highest award since Sept. 2017.

Overall, a mediocre auction to start this week’s issuance, with all eyes now on tomorrow’s 10Y auction as the Treasury ramps up supply to fund its $1+ trillion deficit.

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